The great finance cook-off
The cooks are all making their way back to the climate kitchen. The piping hot Global Stocktake (GST) decision served up at COP28 has cooled and been absorbed in all its essence – the sweet, the sour and the distinct unmissable hints of bitter.
As we approach the mid-way point in this critical decade, the kitchen has a new dish to cook: The New Collective Quantitative Goal on Climate Finance (NCQG). It’s due to be served up this year, and is essential to bring substance to the perpetually sticky subject of climate finance. The nutrition from this dish will also be a key determinant of how the GST outcomes are turned into action in the next iteration of Nationally Determined Contributions (NDCs), which countries are due to submit in 2025.
Finance is a necessary dimension that determines the scope and depth of climate action, so ECO would like to suggest the elements needed for a satisfying outcome this year.
The central dish in this year’s meal will be the NCQG. ECO would like to stress that a simplistic, linear approach would be insufficient to handle the heat of worsening climate impacts and the ever-increasing urgency for real, effective, and sustained action.
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